| Defines the basic concepts of economics, economic systems and the types of economic analysis. |
| Explains the formation of market equilibrium through demand and supply analysis and the concept of elasticity. |
| Explains market failures and the instruments of government intervention in markets. |
| Explains consumer and producer equilibrium within the framework of utility, production and cost concepts. |
| Compares firm behaviour and equilibrium conditions under different market structures. |
| Explains national income, inflation and unemployment indicators and the methods used to measure them. |
| Explains the saving-investment relationship, the time value of money, the monetary system and open economy flows. |